12 U.S.C. § 503
Section 503 · Liability of directors and officers of member banks
This is § 22 of the Federal Reserve Act of 1913
Amended 3 times on record
Applied in 25 court decisions — leading case Marx v. Centran Corp. (1984)
Most recently applied in White v. Keely (February 2016)
How often courts cite this section
Court decisions citing this, by year.Markers show enactment, consequential amendments, and circuit splits over this section — watch for a citation surge after a change or a disagreement. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
If the directors or officers of any member bank shall knowingly violate or permit any of the agents, officers, or directors of any member bank to violate any of the provisions of sections 375, 375a, 375b, and 376 of this title or regulations of the board made under authority thereof, or any of the provisions of sections 212, 213, 214, 215, 655, 1005, 1014, 1906, or 1909 of title 18, every director and officer participating in or assenting to such violation shall be held liable in his personal and individual capacity for all damages which the member bank, its shareholders, or any other persons shall have sustained in consequence of such violation.
Editorial notes U.S. Code · Office of the Law Revision Counsel
Codification
In text, “sections 375, 375a, 375b, and 376 of this title” was in the original “this section”, meaning section 22 of act Dec. 23, 1913, which was also classified to sections 593 to 599 of this title. Such sections were repealed by act June 25, 1948, ch. 645, §21, 62 Stat. 862, eff. Sept. 1, 1948, and the provisions thereof were reenacted as sections 217, 218, 219, 220, 655, 1005, 1014, 1906, and 1909 of Title 18, Crimes and Criminal Procedure. Reference to such repealed sections was omitted from the text in view of act Sept. 3, 1954, which amended the text by incorporating therein the reference to the sections of Title 18.
Reference to sections “212, 213, 214, 215” of title 18 were substituted for sections “217, 218, 219, 220” of title 18 on authority of section 1(d) of Pub. L. 87–849, Oct. 23, 1962, 76 Stat. 1125, which redesignated sections 217, 218, 219, and 220 of title 18 as sections 212, 213, 214, and 215, respectively.
Amendments
1954—Act Sept. 3, 1954, inserted “or any of the provisions of sections 217, 218, 219, 220, 655, 1005, 1014, 1906, or 1909 of title 18,”.